AAPL Off As Market Rises Stocks are adding to earlier gains on Wednesday, with the S&P up about 1%, on relatively positive factory data. Shares of AAPL are wavering along break even as the rest of tech rises with the broader market. Catalysts include the next iPhone launch this fall; the iPad 3 in the spring of 2012; continued adoption in China and other emerging markets; iCloud / iOS 5 rollout and adoption; the continued evolution and next generation of Apple TV; and new platforms such as books / publishing and social (Ping). Shares of Apple trade at 9.9x Enterprise Value / Trailing Twelve Months Free Cash Flow (including long-term marketable securities).

Apple To Make 22 Million iPhones Next Quarter, Most iPhone 4 (GigaOM)Apple could produce up to 22 million iPhones in the fourth quarter, the majority of which would be the iPhone 4, reports Rodman & Renshaw analyst Ashok Kumar. He says that, according to supply chain estimates, Apple will continue to produce the iPhone 4 in quantity, which fits with previous years when Apple continued selling "last years model" at a lower price point even as they introduced a new one. This supports the persistent rumors.

WikiLeaks Shows Apple's Tough Battle Against Chinese Piracy (CNN)Apple organized a security task force in 2008 to address the growing problem of counterfeit iPods and iPhones in China, according to an electronic memo recently leaked by WikiLeaks. Apple recruited John Theriault, who worked as a special agent for the FBI before serving as Pfizer's security chief (war on Viagra piracy), heads Apple's global security unit. Yet, three years after Apple moved to crack down on widespread counterfeiting and put pressure on China, progress has been slow and could end up costing the company millions (if not billions).

Apple Will Be Less Lovable Minus Steve Jobs (The Financial Times)What will Apple be like without its obsessive tutelary genius? There are years of Steve Jobs-inspired products in development. But Jobs’ tastes and visionary abilities are unique. More, the cult of personality surrounding him and the confidence of his board, employees and investors made Apple the rarest of things: a publicly traded corporation, that was as innovative as a start-up but with a large company’s impact. Jobs could ignore consensus, take risks, kill unsatisfactory projects and demand whatever because it was indisputably his company.

Daily Trader: Jim Cramer Still Loves Apple (Seeking Alpha)A whopping 103 hedge funds had Apple in their portfolios at the end of last quarter. Hedge funds collectively own 3.3% of the outstanding shares. Fund stars like David Einhorn, John Griffin and Chase Coleman are all owners. Dan Loeb sold his stake last quarter. Jim Cramer repeated his Buy recommendation of AAPL four times during the last 30 days.